Market Research Report
Air Filters and Filtration Equipment
|Air Filters and Filtration Equipment|
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 678 Pages
Delivery time: 1-2 business days
Global Air Filters and Filtration Equipment Market to Reach $11.2 Billion by 2026
Air filters and filtration equipment are technology solutions specially designed to remove airborne contaminants such as dust particles, odors, molds, gases, and other toxic pollutants from surrounding environments. With applications in diversified end-use industries spanning across consumer, industrial, manufacturing to commercial and automotive sectors, air filters and filtration equipment market is immensely influenced by changes in government regulations and actions taken by green environmentalist groups to mitigate environmental concerns and issues. Amid the COVID-19 crisis, the global market for Air Filters and Filtration Equipment estimated at US$9.3 Billion in the year 2020, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 3.3% over the analysis period. Mechanical Filters, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach US$9.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas Phase Filters segment is readjusted to a revised 2.9% CAGR for the next 7-year period. This segment currently accounts for a 10.9% share of the global Air Filters and Filtration Equipment market.
The U.S. Market is Estimated at $2.5 Billion in 2021, While China is Forecast to Reach $2.1 Billion by 2026
The Air Filters and Filtration Equipment market in the U.S. is estimated at US$2.5 Billion in the year 2021. The country currently accounts for a 27.07% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$2.1 Billion in the year 2026 trailing a CAGR of 5.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.5% CAGR while Rest of European market (as defined in the study) will reach US$2.3 Billion by the end of the analysis period.
Growing media focus on poor air quality, health-related issues, and outbreak of epidemics, and of course the current pandemic have played instrumental roles in stepping up consumer awareness, and have greatly emphasized the importance of inhaled air quality in industrial and commercial buildings, homes, and schools. The growing magnitude of air pollution and its impact on the ecology and human health has pushed worldwide governments into taking initiatives designed to control levels of air pollution. Developments in nanotechnology as well as development of newer filter technologies in response to the continued pressure to meet the increasingly stringent environmental standards will positively influence market prospects in the near term. Tighter air emission standards set in place by worldwide environmental agencies for the automotive industry, which ranks as a key polluter provoking regulatory bodies to tighten legislations governing emissions in this industry, and recovering global automotive production are poised to benefit the automotive air filters market in the coming years.
Electronic Filters Segment to Reach $1 Billion by 2026
In the global Electronic Filters segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$629.8 Million in the year 2020 will reach a projected size of US$797 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$135.1 Million by the year 2026, while Latin America will expand at a 3.8% CAGR through the analysis period.
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